May 2024 Newsletter
Monthly Market Update
April saw a slight increase in mortgage rates, with indicators suggesting that the expected drops in rates might be delayed or not occur at all in 2024. Recent inflation figures climbed to 3.5% year-over-year, influenced significantly by rising gas and housing prices. If you're considering buying or selling and are waiting for lower mortgage rates, you might need to brace for a longer wait this year.
Continued Legal Wrangling in Real Estate
A pivotal update from the courts as the Appeals Court allows the Department of Justice (DOJ) to back out of its 2020 deal with the National Realtor Association (NAR). This decision stems from the DOJ's desire to revisit NAR's practices concerning cooperative compensation after a jury verdict opposed NAR's stance. While this appellate decision is yet to be finalized, it holds no bearing on the ongoing class action settlement discussions, which will likely influence subsequent actions by both the DOJ and NAR. For an in-depth look at what this means for buyers and sellers, don’t miss my detailed blog post on this topic.
Fun Facts & Figures
Did you know the new magic number for a stylish retirement is now $1.46 million? According to a study by Northwestern Mutual, this figure is up 15% from last year and a stark 53% from the visions of 2020. Meanwhile, the average U.S. adult has saved $88,400 for retirement. Also, in an interesting turn of events, NYC plans to tackle congestion with new pricing strategies, even affecting the iconic NYC Marathon with potential tolls for runners!
15 Questions to Ask When Buying a House
Buying a house is likely the largest investment you'll make. To help you navigate this significant decision, check out this insightful article from Ramsey Solutions, offering 15 crucial questions you should ask: Read the Article. Always remember to evaluate the value proposition of your realtor!
Beau Knows
On the topic of dual agency, I stand firm against a realtor serving multiple masters in a transaction. Dual agency can sometimes be appropriate, but it's crucial that your realtor is transparent about its pros and cons. In our community, we also face challenges with developers trying to monopolize real estate representation. Remember, the primary value from your realtor should be as your advocate, ensuring you secure the best possible deal.
Closing Thoughts
As we move forward into the year, remember that staying informed is your best strategy in navigating the complexities of the real estate market. Whether you're buying, selling, or just keeping an eye on the market, we're here to provide you with the insights you need.
Stay informed, stay empowered!